EUR/USD
This euro versus dollar continued its bearish pressure yesterday and touched support levels for the ascending channel once more around 1.4900. As far as this support is not breached chances of a bullish short term direction remain intact. This correctional descend is required to rid of the clear negative momentum appearing on momentum indicators. From here our expectations for today are a bullish intraday direction that targets the breach of 1.4995 to pave the way to target 1.5100. The bullish short term direction requires the daily close to remain above 1.4860 to prevail.
The trading range for today is among the key support at 1.4650 and the key resistance at 1.5200.
The general trend is to the upside as far as 1.4135 remains intact with targets at 1.6000.
Support 1.4905 1.4860 1.4805 1.4755 1.4700
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Resistance 1.4995 1.5050 1.5100 1.5140 1.5200
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Recommendation Based on the charts and explanations above our opinion is buying the pair from 1.4905 targeting 1.4995 and stop loss below 1.4850, might be appropriate.
GBP/USD
The cable achieved a sharp descend yesterday evening due to a bearish (double top) technical pattern formation that took the pair towards main support levels at 1.6675. However, this bearish trend is almost near to completing the bullish harmonic pattern, where we think it will carry the pair once again to return to move upwards after insuring possible reversal levels for it around 1.6675 – 1.6655. Thus, we expect an overall intraday bullish direction for today targeting 1.6850 – 1.6900 and requires trading to stabilize above 1.6655 to close the four hours.
The trading range for today is among the key support at 1.6515 and the key resistance at 1.6875.
The general trend is to the upside as far as 1.4840 remains intact with targets at 1.7200.
Support 1.6675 1.6655 1.6600 1.6515 1.6460
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Resistance 1.6740 1.6785 1.6850 1.6880 1.6960
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Recommendation Based on the charts and explanations above our opinion is buying the pair from 1.6675 targeting 1.6850 and stop loss below 1.6600, might be appropriate.
USD/JPY
The dollar versus yen continues it's sideway trading within a relatively narrow range yesterday through the minor bullish channel shown in the image above. We see that these trades target collecting enough bearish momentum to support the bearish short term wave expected for the pair, which had started after achieving a clear breach of the minor support 89.00 and then head towards the main target around 87.45. The bearish short term wave will prevail if a four hour close above 90.00 is not seen.
The trading range for today is among the key support at 87.45 and the key resistance at 91.30.
The general trend is to the downside as far as 102.60 remains intact with targets at 84.95 and 82.60.
Support 89.00 88.40 88.00 87.45 87.15
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Resistance 89.60 90.00 90.60 91.30 91.80
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Recommendation Based on the charts and explanations above our opinion is selling the pair with the breach of 89.00 target 87.45 and stop loss above 90.00, might be appropriate.
USD/CHF
The dollar versus swissy returned to push to the upside once again, nearing main resistance levels that will currently descend towards 1.0145 due to pressure from the positive signs appearing on momentum indicators. The 100 MA is still protecting the bearish direction, where it had met with previously pointed out resistance level; thus, making us see that a possible direction for today over an intraday basis could be bearish targeting first 1.0030. Keep in mind the importance of the daily close remaining below 1.0145 to maintain the expected bearish direction.
The trading range for today is among the key support at 0.9950 and the key resistance at 1.0335.
The general trend is to the downside as far as 1.1225 remains intact with targets at 0.9600.
Support 1.0100 1.0030 1.0000 0.9950 0.9900
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Resistance 1.0145 1.0220 1.0265 1.0310 1.0335
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Recommendation Based on the charts and explanations above our opinion is selling the pair from 1.0145 targeting 0.0030 and stop loss above 1.0220, might be appropriate.
USD/CAD
Main support continues – breached resistance turned into support – pushing the dollar versus loonie to move to the upside and continue its trading within the minor ascending channel organizing the pair's fluctuation since the tenth of the current month. Reaching resistance 1.0590, comes inline with the stochastic entering overbought areas and keeps chances of the bearish direction returning once more; thus, we expect a bearish intraday for today as the last chance to reverse to the overall downside, which requires stabilizing below 1.0445. Chances of achieving a bearish trend will prevail if the daily close is not achieved above 1.0560.
The trading range for today is among the key support at 1.0360 and the key resistance at 1.0715.
The general trend is to the downside as far as 1.1870 remains intact with targets at 1.0000.
Support 1.0535 1.0445 1.0420 1.0360 1.0325
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Resistance 1.0590 1.0660 1.0690 1.0715 1.0780
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Recommendation Based on the charts and explanations above our opinion is selling the pair from 1.0590 targeting 1.0445 and stop loss above 1.0660, might be appropriate.
